Study and analysis of digital transformation in mobile payments

Abstract

The financial services sector has seen a massive shift towards digital in the recent past. This shift has opened many opportunities around digital financial services. This transformation can be attributed to various factors like existence of robust infrastructure, customer acceptance, progressive government incentives and advancements in technologies. We are witnessing a conducing collaborative environment that is enabling digital adoption. Mobile payments have demonstrated the potential to change the way we transact. This was possible because of intersection of mobile technology and financial services has led a way for increased adoption. All the stakeholders involved like government regulators, financial institutions and banks, mobile payments service providers and merchants played a major role in the transformation. The report aims to provide a understanding of the shift to digital payments from traditional payment system, the risks and benefits associated with them and the future scope of mobile payments.